The CFTC has proposed setting position limits for futures and options on the most important US energy products: light sweet crude oil, Henry Hub natural gas, New York Harbor No 2 heating oil and New York Harbor gasoline blendstock.

But the consensus is that the proposed limits are quite high and would affect few players.

There will still be exemptions for “bona fide hedging” and for “certain swap dealer risk management transactions” – and crucially, the over-the-counter market is not affected.

“It doesn’t sound like onerous regulation,” said Michael Wittner, an oil analyst at Société Générale in London. “Levels are set high intentionally so as to enforce little liquidation, if any. It seems clear to me they’ve made a very conscious decision not to rock the boat.”

Amrita Sen, a commodities analyst at Barclays Capital in London, said: “[The announcement of proposed regulation] hasn’t had much of an impact on prices...